Westpac Bank secured personal loans offer customers the flexibility and freedom to purchase the items they need at terms that suit them. It iss possible to reduce the impact of your monthly repayments by extending your Westpac secured personal loan term out to as much as seven years, or you have the option of reducing your loan term to as little as one year if you wish to repay your debt as quickly as possible.
Secured loans of up to $100,000 are available from Westpac Bank. The flexibility of applying for a pre-approval, or conditional approval, before you shop for your new car, caravan or boat means you will know how much you can spend before you even set foot into the car yard. A pre-approval takes only minutes and you can apply over the phone quickly and securely, or you can speak to a banking services representative in any Westpac branch.
The security you offer as collateral for your Westpac Bank secured personal loan must still be acceptable for Westpac’s current lending policies and guidelines, but in most cases you should find a solution that will likely help you.
Benefits of Westpac Bank Secured Loans
No matter whether you are searching for a new car or a used car, a Westpac personal secured loan could be available to help you make your purchase. You have the possibility of making your repayments monthly or fortnightly to suit your pay cycles.
Payments can be made via direct debit from your nominated transaction account or you can elect to make payments electronically or over the counter using a payment booklet if you wish.
If a traditional 5 year personal loan term makes your repayments unaffordable, you have the option of increasing your loan term out to 7 years. This can reduce your monthly payments and make it easier to afford the car you really want.
If debt reduction is your focus, yet you still want to borrow funds to purchase a new car or motor cycle, then you may also elect to set your loan term anywhere between 1 and 7 years to suit you.
Westpac may allow you to add the cost of establishment fees to your loan at its discretion, so in most cases there may not be any money payable out of your pocket when it comes time to pay for your new car.
Westpac Personal Loan Purposes
Westpac secured personal loans can enable you to purchase other items aside from cars, such as a new boat, a jet-ski, motor cycle or even a caravan. The security offered as collateral will still need to comply with Westpac lending guidelines and policies, but in most cases Westpac will be happy to offer a way to help with your purchase.
Westpac Bank will also encourage you to pay more than just the minimum repayment on your secured personal loan, with no pre-payment penalty applying for making those extra repayments. The only time you may become subjected to an early repayment penalty is if you repay the loan completely within the first two years, however Westpac Bank has designed ways to have this fee waived.
Westpac Bank secured personal loans can offer you plenty of flexibility and convenience for the items you want and need.
Westpac Secured Loan Applications
You may apply for a Westpac secured peronal loan at any Westpac branch. Remember though to always seek the advice of a suitably qualified professional before making any application for a securedloan since if you fail to keep up your payments you could end up losing your property.